LegalFix
Sign In

Section 40:3-21 - Deficiency in sinking funds; how raised

NJ Rev Stat § 40:3-21 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

40:3-21. Deficiency in sinking funds; how raised

In order to bring the sinking fund for each issue of term bonds up to the proper amortization basis, the deficiency as shown by the final tabulation and calculation shall be raised and paid into a fund, to be known as the special sinking fund, in annual installments at the rate of not less than one-fifth of a mill on the dollar of the last corrected valuation of taxable property in the municipality, county or school district, as the case may be, until the deficiency with interest compounded annually at three and one-half per cent from January first, one thousand nine hundred and seventeen, is accumulated.

Previous Section
Section 40:3-20 - Outstanding term bonds tabulated; adjustment of excesses and deficits; surpluses
Next Section
Section 40:3-22 - Special sinking fund requirements additional to annual requirements